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Article: A higher-order Markov model for the Newsboy's problem

TitleA higher-order Markov model for the Newsboy's problem
Authors
KeywordsHigher-order Markov model
Newsboy's model
Overage cost
Shortage cost
Issue Date2003
PublisherPalgrave Macmillan Ltd. The Journal's web site is located at http://www.palgrave-journals.com/jors/index.html
Citation
Journal Of The Operational Research Society, 2003, v. 54 n. 3, p. 291-298 How to Cite?
AbstractMarkov models are commonly used in modelling many practical systems such as telecommunication systems, manufacturing systems and inventory systems. However, higher-order Markov models are not commonly used in practice because of their huge number of states and parameters that lead to computational difficulties. In this paper, we propose a higher-order Markov model whose number of states and parameters are linear with respect to the order of the model. We also develop efficient estimation methods for the model parameters. We then apply the model and method to solve the generalised Newsboy's problem. Numerical examples with applications to production planning are given to illustrate the power of our proposed model.
Persistent Identifierhttp://hdl.handle.net/10722/75444
ISSN
2015 Impact Factor: 1.225
2015 SCImago Journal Rankings: 1.026
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorChing, WKen_HK
dc.contributor.authorFung, ESen_HK
dc.contributor.authorNg, MKen_HK
dc.date.accessioned2010-09-06T07:11:10Z-
dc.date.available2010-09-06T07:11:10Z-
dc.date.issued2003en_HK
dc.identifier.citationJournal Of The Operational Research Society, 2003, v. 54 n. 3, p. 291-298en_HK
dc.identifier.issn0160-5682en_HK
dc.identifier.urihttp://hdl.handle.net/10722/75444-
dc.description.abstractMarkov models are commonly used in modelling many practical systems such as telecommunication systems, manufacturing systems and inventory systems. However, higher-order Markov models are not commonly used in practice because of their huge number of states and parameters that lead to computational difficulties. In this paper, we propose a higher-order Markov model whose number of states and parameters are linear with respect to the order of the model. We also develop efficient estimation methods for the model parameters. We then apply the model and method to solve the generalised Newsboy's problem. Numerical examples with applications to production planning are given to illustrate the power of our proposed model.en_HK
dc.languageengen_HK
dc.publisherPalgrave Macmillan Ltd. The Journal's web site is located at http://www.palgrave-journals.com/jors/index.htmlen_HK
dc.relation.ispartofJournal of the Operational Research Societyen_HK
dc.rightsJournal of Operational Research Society. Copyright © Palgrave Macmillan Ltd.en_HK
dc.subjectHigher-order Markov modelen_HK
dc.subjectNewsboy's modelen_HK
dc.subjectOverage costen_HK
dc.subjectShortage costen_HK
dc.titleA higher-order Markov model for the Newsboy's problemen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0160-5682&volume=54&spage=291&epage=298&date=2003&atitle=A+Higher-order+Markov+Model+for+the+Newsboy%27s+Problemen_HK
dc.identifier.emailChing, WK:wching@hku.hken_HK
dc.identifier.authorityChing, WK=rp00679en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1057/palgrave.jors.2601491en_HK
dc.identifier.scopuseid_2-s2.0-0037354579en_HK
dc.identifier.hkuros76493en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0037354579&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume54en_HK
dc.identifier.issue3en_HK
dc.identifier.spage291en_HK
dc.identifier.epage298en_HK
dc.identifier.isiWOS:000181949300010-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridChing, WK=13310265500en_HK
dc.identifier.scopusauthoridFung, ES=7005440799en_HK
dc.identifier.scopusauthoridNg, MK=34571761900en_HK

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